Steel Dynamics To Buy Majority Of Stake In United Steel Supply

(RTTNews) - Steel Dynamics, Inc. (STLD) said that it agreed to acquire a majority of the equity interest of United Steel Supply, LLC.

United Steel Supply is headquartered in Austin, Texas and is a distributor of painted Galvalume flat roll steel used for roofing and siding applications.

Steel Dynamics has agreed to purchase 75 percent of the equity interests of United Steel Supply for $134 million, comprised of cash consideration of $92 million and the assumption of $42 million in apportioned debt. The purchase price assumes total net working capital of $59 million, which is subject to customary post-closing adjustments.

Additionally, Steel Dynamics has an option to purchase the remaining 25 percent equity interest of United Steel Supply in the future.

The transaction is subject to customary closing conditions and receipt of regulatory approvals